In a major relief for thousands of taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for processing electronically filed income tax returns (ITRs) that were incorrectly marked as invalid. This crucial move aims to fix long-standing issues caused by technical errors at the Centralised Processing Centre (CPC), Bengaluru, which led to … Read more
India’s Tax Picture: Gross Collections Up, But Refunds Cause Net Dip in FY26 India’s direct tax collections are showing a mixed trend in the current financial year (FY26) so far. While gross direct tax collections have risen by 3.17% to ₹6.64 lakh crore as of July 10, the net collections have slipped by 1.34% to … Read more
Finance Minister Nirmala Sitharaman is set to meet with top officials from the Income Tax Department on June 23, following her recent engagement with indirect tax officials. This high-level meeting aims to tackle pressing issues like delayed income tax refunds, a backlog of legal disputes, and improving overall administrative accountability. Key Discussion Points A major … Read more
Tax Refunds Just Got Faster: NPCI Revolutionizes PAN and Bank Account Verification Great news for taxpayers! The National Payments Corporation of India (NPCI) is making tax refunds quicker and smoother with a new real-time validation system for PAN and bank account details. Announced on June 17, 2025, this initiative is all about speeding up the … Read more